Housing market slowdown in Florida
A housing slowdown is taking hold in some Florida markets, where a growing share of properties sold only after the seller cut the asking price. Miami leads the nation in both the size and frequency of such deals. In Miami, hurt by a pullback of South American buyers, about 88 percent of single-family home sales in the first quarter came after a reduction. More from Bloomberg, WJXT, The Real Deal, and Housingwire.
Most real estate professionals are now aware that the federal Opportunity Zone tax incentive program became effective in 2018 and that Qualified Opportunity Zones are located in all 50 states and Puerto Rico. In Southern Florida, in Miami-Dade County, areas such as Coral Gables, South Miami, Hialeah and Wynwood will likely be hot spots for Opportunity Zone investment given their access to road systems and water. [Source: Commercial Property Executive]
Many of the budget proposals out of both chambers are good for Florida’s realtors, though more work needs to be done as the budgets are reconciled. Included in the initial budget numbers are spending proposals for two top legislative priorities: water quality and affordable housing. [Source: Florida Weekly]
If you’ve ever shopped for real estate in the Florida Keys, where land is scarce and everyone wants a piece of it, you know that dynamite properties are usually hard to come by. If you’re in the market for something a little unusual, however, this just might be your lucky day. [Source: Coastal Living]
Fast growing, tech-forward residential real estate company HomeSmart is taking its brokerage operations to the Sunshine State. The Scottsdale, Arizona-headquartered company announced on Wednesday it’s set to expand to Florida, the 29th state with a HomeSmart presence (counting franchises). [Source: Inman]
› New state housing program won't help with rent or mortgage [WJCT]
The state Agency for Health Care Administration received federal approval to create a housing assistance pilot program as part of the Florida Medicaid program. This assistance helps with things like a needs assessment and housing education but will not provide rent or mortgage help.
› Jeb Bush elects to list Florida townhome for sale [LA Times]
Politician Jeb Bush is asking $1.795 million for his townhouse in Florida, the state where he served two terms as governor. Found outside Miami in the Coral Gables area, the two-story residence features oak floors and high-end finishes across 3,485 square feet.
› Get away this summer in a floating house built by this Florida couple [Daily Commercial]
Tiny houses hit a wave of popularity with TV shows like Tiny House, Big Living, but for one Florida couple, they’re putting a Sunshine State twist on the trend by building petite houses that can float. Warren and Cynthia Billings were recently featured on HGTV’s Tiny House Hunters and have built and sold four of their homes and have two more under construction.
› A private island off Key West sells for $8 million to ‘Real World’ homeowner [Miami Today]
Thompson Island off Key West, for decades the home of philanthropist and developer Edward B. Knight, has sold for $8 million to a man who owns another luxury waterfront property nearby. Andrew Lippi, who owns the “Real World” resort compound used for the 17th season of the MTV series, last week bought the gated island estate off A1A close to the entrance of Key West.